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This blog is courtesy of Karyn Greenstreet of TheSuccessAlliance.com…Enjoy!

What is a Mastermind Group?

There is synergy of energy, commitment, and excitement that participants bring to a Mastermind Group. The beauty of Mastermind Groups is that participants raise the bar by challenging each other to create and implement goals, brainstorm ideas, and support each other with total honesty, respect and compassion.  Mastermind participants act as catalysts for growth, devil’s advocates and supportive colleagues.

The concept of the Mastermind Group was formally introduced by Napoleon Hill in the early 1900’s. In his timeless classic, “Think And Grow Rich” he wrote about the Mastermind principle as:

“The coordination of knowledge and effort of two or more people, who work toward a definite purpose, in the spirit of harmony.”

He continues …

“No two minds ever come together without thereby creating a third, invisible intangible force, which may be likened to a third mind.”

In a Mastermind Group, the agenda belongs to the group, and each person’s participation is key. Your peers give you feedback, help you brainstorm new possibilities, and set up accountability structures that keep you focused and on track. You will create a community of supportive colleagues who will brainstorm together to move the group to new heights.

You’ll gain tremendous insights, which can improve your business and personal life. Your Mastermind Group is like having a objective board of directors.

What Will You Get From It?

  • Experience, skill and confidence
  • Real progress in your business and personal life
  • An instant and valuable support network
  • A sense of shared endeavor – there are others out there!
  • Design things to be the way you want them to be, not as you’ve been told they “should” be

Who Should Attend?

People who:

  • have a similar interest (such as a group for self-employed people, or a group for spiritual thinkers, or a group for people in a certain corporation or industry)
  • have a similar skill and/or success level
  • have the desire and inspiration to make this year extraordinary
  • want a supportive team of Mastermind partners
  • want to reach or exceed their goals
  • are ready to let their desire to be passionate about their life and work overcome their fear of change

How Does It Work?

Mastermind Groups can meet in person, on the telephone, or via online message boards. For those groups that meet in person or on the phone, typically a once-a-month meeting is scheduled. You can find a Mastermind group here, or create one of your own.

Because of the group nature, a commitment is required. Look for highly-motivated people who are willing to ask for — and give –help and support.

How Do You Screen Applicants?

Before agreeing to let any new applicants into your group, it’s important to screen them to make sure they’ll fit into the existing group and that their commitment level is high. Decide in advance how many people should be in your group (5-8 is recommended), and only allow new members into the group with the unanimous consent of everyone in the group.

  • Do you have a personal or business mission or vision statement?
  • What are your five-year goals?
  • Where will you find time to participate in the Mastermind Group?
  • What is your commitment to moving forward in your business and personal life?
  • Why should you be chosen to participate in this group?

Even with a screening process your group is likely to run across people who say that they’re committed but then don’t participate, or who say that they’re honest but then fail to keep the trust of the group.  Be prepared to ask people to leave the group who are not participating up to the group standard and do it quickly once the poor behavior becomes evident. A “slacking” member will bring down the energy and fun level for the whole group.

To get Karyn’s FREE E-book: How to Create a Mastermind Group or to learn more, visit Karyn’s site at www.thesuccessalliance.com.

A little bit about Karyn:

Karyn Greenstreet

Karyn Greenstreet 

Karyn Greenstreet is the owner of Passion For Business and  The Success AllianceTM. She is an internationally-known speaker, author, and self-employment expert who has taught over 250,000 people worldwide. She has been creating and running mastermind groups since 1994 and is the author of How to Start a For-Profit Mastermind Group (now in it’s 2nd edition!)